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P.O. Box 1115
Richmond, Va. 23218-1115
(804) 367-8031 (Individual)
(804) 367-8037 (Business)
 
 
New 500EZ Return Makes Filing Corporation Income Tax  Easier 

Corporation Income Tax Short Return Now Available Onlineone

The Virginia Department of Taxation is now providing a new online return, Form 500EZ. This new return is a shorter version of the existing Form 500, and is designed to help businesses more easily meet the electronic filing requirements for corporation income tax returns. The 500EZ is free, available 24/7 and does not require registration or login credentials.

A business wishing to file the 500EZ for a particular taxable year must qualify by meeting certain criteria in that tax year. To qualify, a business must:

  • Have 100 percent of its business in Virginia.
  • Have additions to federal taxable income equal to or less than $1,000.
  • Have subtractions to federal taxable income equal to or less than $1,000.
  • Not be a pass-through entity.
  • Not have federal taxable income exceeding $25,000.
  • Not include a net operating loss deduction in its computation of federal taxable income.
  • Not claim any fixed date conformity adjustments or modifications.
  • Not be included in the consolidated or combined filing of another entity.
  • Not claim any tax credits from Schedule CR or any withholding from pass-through-entities. It may claim tentative tax payments (extension payments) and estimated tax payments.
  • Not be required to pay the federal Alternative Minimum Tax.
  • Not be a telecommunications company required to file Form 500T or an electric cooperative required to file Form 500EL.

Please note: The Department is not currently accepting amended 500EZ returns.


 

More information about the Form 500EZ  is available on the  Department's website. If you have questions, please call Customer Services at (804) 367-8037, Monday through Friday, 8:30 a.m. to 5 p.m.


 


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